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Evidence Guide: BSBFIM801 - Manage financial resources

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBFIM801 - Manage financial resources

What evidence can you provide to prove your understanding of each of the following citeria?

Forecast future financial resource needs

  1. Establish and report on the capacity of existing financial systems
  2. Forecast financial data and business system requirements
  3. Analyse forecasted requirements
  4. Prepare and plan budget forecasts according to organisational and statutory requirements
  5. Prepare and present recommendations for budget expenditure or for modification of existing projections
Establish and report on the capacity of existing financial systems

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Forecast financial data and business system requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse forecasted requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and plan budget forecasts according to organisational and statutory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and present recommendations for budget expenditure or for modification of existing projections

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse current asset performance and capacity

  1. Analyse the costs of, and returns from, assets and liabilities using standard accounting techniques to identify extent of debt and equity financing
  2. Establish management responsibilities and legal requirements for reporting, in consultation with relevant organisational staff
  3. Analyse and interpret financial reports and key information
  4. Analyse and evaluate the effects of financial decisions on the ability of the organisation to meet planned outcomes
Analyse the costs of, and returns from, assets and liabilities using standard accounting techniques to identify extent of debt and equity financing

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish management responsibilities and legal requirements for reporting, in consultation with relevant organisational staff

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse and interpret financial reports and key information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse and evaluate the effects of financial decisions on the ability of the organisation to meet planned outcomes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Set business targets and compliance mechanisms

  1. Collect comparative and trend information and confirm needs for future budget and associated resources
  2. Complete negotiations to secure resources in accordance with relevant shortterm and longterm needs
  3. Allocate resources against the budget to maximise organisation’s performance
  4. Maintain accurate and uptodate records of resource allocation and usage according to organisational and legislative requirements
  5. Develop and review management systems which enable timely collection, management and processing of information
  6. Complete and accurately report records of budget performance and expenditure according to organisational procedures and statutory requirements
  7. Evaluate and improve budget audit mechanisms and compliance requirements as required
Collect comparative and trend information and confirm needs for future budget and associated resources

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete negotiations to secure resources in accordance with relevant shortterm and longterm needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Allocate resources against the budget to maximise organisation’s performance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain accurate and uptodate records of resource allocation and usage according to organisational and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop and review management systems which enable timely collection, management and processing of information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete and accurately report records of budget performance and expenditure according to organisational procedures and statutory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate and improve budget audit mechanisms and compliance requirements as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage financial risk

  1. Identify and analyse financial risk factors
  2. Document and manage financial risks according to organisational policies and procedures
  3. Implement procedures to regularly review financial risk management activities
Identify and analyse financial risk factors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document and manage financial risks according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement procedures to regularly review financial risk management activities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor compliance with financial projections

  1. Identify deviations from budgets that generate an adverse effect on budget objectives
  2. Promptly develop action plans to remedy significant deviations from budget objectives and projections
  3. Monitor and review financial documentation against organisational objectives
  4. Revise and renew budget priorities to meet operational contingencies and risk management
  5. Manage costs to targets set in the budget
Identify deviations from budgets that generate an adverse effect on budget objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Promptly develop action plans to remedy significant deviations from budget objectives and projections

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and review financial documentation against organisational objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Revise and renew budget priorities to meet operational contingencies and risk management

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage costs to targets set in the budget

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Forecast future financial resource needs

1.1 Establish and report on the capacity of existing financial systems

1.2 Forecast financial data and business system requirements

1.3 Analyse forecasted requirements

1.4 Prepare and plan budget forecasts according to organisational and statutory requirements

1.5 Prepare and present recommendations for budget expenditure or for modification of existing projections

2 Analyse current asset performance and capacity

2.1 Analyse the costs of, and returns from, assets and liabilities using standard accounting techniques to identify extent of debt and equity financing

2.2 Establish management responsibilities and legal requirements for reporting, in consultation with relevant organisational staff

2.3 Analyse and interpret financial reports and key information

2.4 Analyse and evaluate the effects of financial decisions on the ability of the organisation to meet planned outcomes

3 Set business targets and compliance mechanisms

3.1 Collect comparative and trend information and confirm needs for future budget and associated resources

3.2 Complete negotiations to secure resources in accordance with relevant shortterm and longterm needs

3.3 Allocate resources against the budget to maximise organisation’s performance

3.4 Maintain accurate and uptodate records of resource allocation and usage according to organisational and legislative requirements

3.5 Develop and review management systems which enable timely collection, management and processing of information

3.6 Complete and accurately report records of budget performance and expenditure according to organisational procedures and statutory requirements

3.7 Evaluate and improve budget audit mechanisms and compliance requirements as required

4 Manage financial risk

4.1 Identify and analyse financial risk factors

4.2 Document and manage financial risks according to organisational policies and procedures

4.3 Implement procedures to regularly review financial risk management activities

5 Monitor compliance with financial projections

5.1 Identify deviations from budgets that generate an adverse effect on budget objectives

5.2 Promptly develop action plans to remedy significant deviations from budget objectives and projections

5.3 Monitor and review financial documentation against organisational objectives

5.4 Revise and renew budget priorities to meet operational contingencies and risk management

5.5 Manage costs to targets set in the budget

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Forecast future financial resource needs

1.1 Establish and report on the capacity of existing financial systems

1.2 Forecast financial data and business system requirements

1.3 Analyse forecasted requirements

1.4 Prepare and plan budget forecasts according to organisational and statutory requirements

1.5 Prepare and present recommendations for budget expenditure or for modification of existing projections

2 Analyse current asset performance and capacity

2.1 Analyse the costs of, and returns from, assets and liabilities using standard accounting techniques to identify extent of debt and equity financing

2.2 Establish management responsibilities and legal requirements for reporting, in consultation with relevant organisational staff

2.3 Analyse and interpret financial reports and key information

2.4 Analyse and evaluate the effects of financial decisions on the ability of the organisation to meet planned outcomes

3 Set business targets and compliance mechanisms

3.1 Collect comparative and trend information and confirm needs for future budget and associated resources

3.2 Complete negotiations to secure resources in accordance with relevant shortterm and longterm needs

3.3 Allocate resources against the budget to maximise organisation’s performance

3.4 Maintain accurate and uptodate records of resource allocation and usage according to organisational and legislative requirements

3.5 Develop and review management systems which enable timely collection, management and processing of information

3.6 Complete and accurately report records of budget performance and expenditure according to organisational procedures and statutory requirements

3.7 Evaluate and improve budget audit mechanisms and compliance requirements as required

4 Manage financial risk

4.1 Identify and analyse financial risk factors

4.2 Document and manage financial risks according to organisational policies and procedures

4.3 Implement procedures to regularly review financial risk management activities

5 Monitor compliance with financial projections

5.1 Identify deviations from budgets that generate an adverse effect on budget objectives

5.2 Promptly develop action plans to remedy significant deviations from budget objectives and projections

5.3 Monitor and review financial documentation against organisational objectives

5.4 Revise and renew budget priorities to meet operational contingencies and risk management

5.5 Manage costs to targets set in the budget